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Former Graystone adviser opens advisory firm

A former founding member of Morgan Stanley's Graystone business, Phil Shaffer, has set up an investment advisory firm in Columbus, Ohio, according to AdvisorHub. He left Graystone in June.

The new company, Halite Partners LLC, will work with clients having portfolios of $10 million or more or those agreeing to pay a minimum annual fee of $50,000. The company will initially have a staff of nine, with at least five of them being part of Shaffer's Morgan Stanley team that reportedly managed $3.8 billion in assets.

Shaffer's team at Halite comprises of Norman Cook, president and chief marketing officer; Lee Caleshu, chief investment officer; Shaffer's son Joshua, director of research; and Annie Sidwell, family wealth adviser.